USDA Monthly Mortgage Insurance /PMI Coming

By
Real Estate Mortgage Broker with USDA / FHA Mortgage Source

This is just a reminder to all protective Florida USDA home buyers that starting Oct 1st the cost of USDA home loans are going up…slightly.  USDA Rural Housing will be adding a monthly mortgage insurance premium (like FHA, etc) on top of the already present USDA Rural Housing funding fee.Technically this will not be traditional PMI (Private Mortgage Insurance) that most people have heard of, but an "annual fee" charged monthly.  The difference with the USDA monthly premium is that it will be charged over the life of the loan – 30 years.  It will not be canceled after 5 years or when the loan to value of the property reaches 78% - like with FHA or Conventional loans.  

 

Learn more about Rural Development housing by visiting www.UsdaMortgageSource.com

Serving the state of Florida 7 days a week, USDA Mortgage Source is Florida’s Government home loan leader. Questions? We would love to hear from you! Call us at 904.302.6060 or stop by www.UsdaMortgageSource.com

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Serving all of Florida , 7 days a week. Please call us at PH: 904.302.6060 or visit us online at the following -

Already have a USDA home loan? Learn about the new USDA Pilot Refinance program by clicking here

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Tags:
usda pmi
usda mortgage insurance
usda funding fee
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Rainer
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Jamie Chambers

USDA /FHA Mortgage Source
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All about 100% USDA/RD home loans in Florida. Serving all of Florida including – Pensacola, Tallahassee, Lake City, Jacksonville, St. Augustine, Palm Coast, Daytona Beach, Orlando, Ocala, Gainesville, Lakeland, Tampa, Winter Haven, Sarasota, Naples, Fort Myers FL